持续性
公司治理
业务
相互依存
利益相关者理论
股东
利益相关者
企业社会责任
社会资本
心理弹性
社会责任
产业组织
撤资
财务
经济
公共关系
管理
政治学
生物
生态学
法学
心理学
心理治疗师
作者
Chia-Hung Huang,Wen-Chyan Ke,Rayleigh Ping-Ying Chiang,Yu-Cian Jhong
标识
DOI:10.1016/j.jclepro.2023.136475
摘要
The modern interdependent view of stakeholder theory suggests that the purpose of responsible sustainability is harmonious with the goal of maximizing profit. Especially, the social capital, built through sustainable investments, improves the firms’ resilience to shocks, such as mergers and acquisitions (M&A). Using a sample of 5,255 novel American M&A, we examined the impact of sustainability measured in terms of environmental, social, and governance dimensions on M&A success using several econometric approaches. We found it is important for M&A success in long-term that acquirers fulfill social and environmental responsibility, although synergy might not appear immediately after an M&A due to the complexity of M&A operations. In addition, the result indicated that the social pillar (including the following drivers: human rights, working conditions, health and safety, and career development and training) is the most crucial sustainability dimension for improving M&A financial performance due to solving the problems of cultural friction and brain drain. This paper also outlines policy implications for managers, practitioners, other stakeholders, and future research.
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